%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨阅文集团（ ） 0772.HK [Table_Title] 加速释放 价值， 赋能内容生态 IP AI 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]业绩报告。2023年公司实现收入70.12亿元，同比下降8.0%；实现归母净 利润8.05亿元，同比增长32.3%，归母净利润率为11.5%，同比提升3.5pct。公司2023年受 在线业务优化分发渠道、新丽传媒影视剧排期等影响导致收入下降，但公司优质内容储备丰富， 24年有望迎来爆款之年。 ...

2024 年 03 月 20 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 持续赋能， 年迎来重点 内容释放周 AI 2024 IP 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 期 yinr@ghzq.com.cn ——阅文集团（ ） 年报点评 0772.HK 2023 最近一年走势 事件 : 3月18日，公司公告2023年财报，实现营收70.12亿元（同比下滑8%）， 经营盈利7.09亿元（同比增长13%），归母净利润8.05亿元（同比增 长32%），Non-IFRS归母净利润11.30亿元（同比下滑16%）。 我们的观点：  1、运营情况：2023年平台整体平均MAU为2.06亿（同比-15.7%）， 付费用户数为870万（同比+10.1%），主要由于在持续有效打击盗 相对恒生指数表现 2024/03/19 版、增强产品运营能力及不断输出高品质内容方面取得的积极进展， 表现 1M 3M 12M 核心付费群体稳固。 阅文集团 7.0% -11.7% -30.0% 恒生指数 2.3% ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 7 billion RMB in 2023, a year-on-year decline of 8%, and an adjusted net profit of 1.1 billion RMB, down 16%, which was in line with expectations [5] - The decline in revenue was attributed to a contraction in reading, low ROI channels, delays in some IP projects, and increased AI expenditures [5] - Online business is still in a bottoming phase, with online revenue at 3.9 billion RMB in 2023, down 10% year-on-year [5] - The company has a rich pipeline of IP projects for 2024, with significant contributions expected from New Classics Media, which launched 6 series in 2023, generating 1.26 billion RMB in revenue [5] - The self-owned copyright operations saw a 10% year-on-year growth, reaching 1.8 billion RMB in 2023 [5] Financial Summary - The company’s revenue is projected to recover slightly in 2024, with estimates of 7.34 billion RMB, representing a 5% year-on-year growth [7] - Non-IFRS net profit is expected to increase to 1.37 billion RMB in 2024, a 21% growth compared to 2023 [7] - The earnings per share (EPS) is forecasted to be 1.34 RMB in 2024, with a price-to-earnings (PE) ratio of 18 [7] Future Outlook - 2024 is anticipated to be a significant year for IP projects, with a focus on validating the company's IP incubation and operational capabilities [6] - The company has launched a "Short Drama Galaxy Incubation Plan" to support the creation of numerous IP projects [6] - AI applications are being utilized for translation and writer assistance, enhancing operational efficiency [6] - The potential acquisition of Tencent Animation assets is expected to further enrich the company's IP library [6]

Core Viewpoint - The overall performance of the company in 2023 was mediocre, particularly in comparison to market expectations that were already lowered due to the delay of "With the Phoenix" [1][2]. Revenue Summary - The company's total revenue for the second half of 2023 was 3,729 million RMB, which was slightly below market expectations of 3,731 million RMB, reflecting a year-on-year growth of 5.4% [4]. - The online business revenue for the second half of 2023 was 1,909 million RMB, down 72% year-on-year, which was also below the expected 1,955 million RMB [4][15]. - The copyright operation revenue showed a significant year-on-year increase of 38%, excluding the contribution from New Classics Media [2][19]. Online Literature Performance - The company shifted its strategy in the second half of 2022 to focus on paid premium content, resulting in a decrease in total user scale but an increase in the payment rate [2][6]. - Online business revenue for the second half of 2023 was 1,900 million RMB, down 7% year-on-year, slightly below the expected 1,960 million RMB [15][17]. - Free reading revenue (advertising) decreased by 32%, while paid reading revenue saw a smaller decline of 3.7% [2][17]. Copyright Operations - Copyright operations have become a significant revenue source, contributing nearly half of the company's income, especially during the downturn in online literature [19][26]. - The revenue from copyright operations reached 1,784 million RMB in the second half of 2023, with a year-on-year growth of 38% when excluding New Classics Media [19][25]. New Classics Media Performance - New Classics Media experienced a 9% growth in revenue in the second half of 2023, despite the delay of key productions [3][19]. - The company has several upcoming high-quality productions, including "With the Phoenix," which began airing in March 2024 [3][21]. Marketing and Cost Management - Marketing expenses increased in the second half of 2023 due to the launch of new content, but overall sales expenses remained stable as employee costs were reduced [25][26]. - The company reduced its workforce by approximately 100 employees, leading to a 15% decrease in employee welfare expenses [25][26]. Cash Flow and Financial Health - The company reported a robust cash flow, with nearly 1 billion RMB in free cash flow and approximately 2.8 billion RMB in available cash [28]. - The net cash position stands at 6.2 billion RMB, representing 24% of the current market capitalization of 27.9 billion HKD [28].

[Table_Page] 公告点评|媒体Ⅱ 证券研究报告 [【Table_T广itle] 发 传 媒 & 海 外 】 阅 文 集 团 [公Tab司le_I评nves级t] 买入 当前价格 27.35港元 （00772.HK） 合理价值 39.77港元 前次评级 买入 深耕优质内容，24 年 IP 业务有望加速增长 报告日期 2024-03-19 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现]  公司披露23年业绩，营收和利润符合预期。公司23年实现收入70.12 27% 亿元，YoY-8%，符合一致预期70.14亿元。23年GAAP净利润为8亿 13% 元，YoY+32%，vs.一致预期为 7.79 亿元。NonGAAP 归母净利润为 0% 03/23 05/23 07/23 09/23 11/23 01/24 11.30亿元（净利润率为16%，同比下降2pct），YoY-16%，vs.一致预 -14% 期为11.14亿元。23年毛利率为48%，同比下降5pct，主要是新丽传 -27% 媒毛利率下降较多导致，因23年缺乏高毛利的电影项目贡献业绩。 -40% ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月19日 港元27.35 港元29.00 +6.0% 阅文集团 (772 HK) 在线业务企稳，版权运营逐步放量，现价已反映 2024 年强劲管线预期  2023年业绩符合预期。2023年全年收入70亿元，与我们/市场预期一致， 个股评级 同比降8%，主要因在线业务渠道收缩，及新丽上线项目减少。经调整运 中性 营利润10.5亿元，同比降23% ，基本符合我们预期，对应利润率为15%， 较2022年降3个百分点，主要因版权业务利润率下降以及AI投入。经调 整净利润降16%至11亿元，基本符合市场预期。 1年股价表现 772 HK 恒生指数  业绩概览：1）在线业务2023年收入降10%，主要因分销渠道优化以及内 30% 容分发聚焦核心付费产品影响广告收入。自有渠道付费用户仍维持健康增 20% 10% 长趋势（下半年，自有MPU同比增11%），受益于持续的内容生态建设 0% 和有效的反盗版措施，付费率同/环比提升0.8/0.2个百分点至4.3%。月人 -10% -20% 均付费同比-13%至32元，受低价产品影响。核心阅读产品起点读书202 ...

传媒/数字媒体 公 司 研 阅文集团（00772.HK） 大 IP 产品储备丰富，2024 年或迎供给释放 究 2024年03月19日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 证 书编号：S0790520030004 证书编号：S0790523090001 日期 2024/3/18 港 当前股价(港元) 27.350  2023年业绩回暖，看好优质内容释放驱动公司业绩增长，维持“买入”评级 股 一年最高最低(港元) 45.750/20.400 2023年公司实现总收入70.23亿元（同比-8.0%），其中在线业务收入39.48亿元 公 （同比-9.5%），主要系公司优化投资回报率较低的分发渠道所致。IP运营及其他 司 总市值(亿港元) 279.90 信 流通市值(亿港元) 279.90 业务收入30.64亿元（同比-6.1%），主要系公司2023年上线的影视内容少于2022 息 总股本(亿股) 10.23 年所致。公司毛利率为 48.1%（同比-4.8pct），净利率为 11.5%（ ...

业绩简评 2024 年 3月 18 日，公司发布2023年全年业绩公告，2023公司实 现营收70.12 亿元，同比-8%，NON-GAAP 净利润11.3 亿元，同比 -16.2%。 经营分析 AI 在 IP 生态中全方位赋能，IP 商业化及海外平台均有望受益。 1）作家层面：AI 辅助创作在作家中渗透率提升。2023年，公司上 线基于阅文妙笔大模型的“作家助手妙笔版”已向所有签约作家开 放，其中的 AI 功能的周使用率已达 30%。2）IP 商业化层面：AI 应用将提升 IP 价值释放效率，缩短 IP 从视觉到商业化的路径， 港币(元) 成交金额(百万元) 公司计划将 AI 技术赋能小说动漫化改编，更多作品或因 AI 应用 50.00 600 获得改编机会。3）海外平台：公司海外阅读平台WebNovel 受益于 45.00 500 AI 翻译带来的效率提升。2023 年 12 月，WebNovel 畅销榜排名前 40.00 400 35.00 300 100 的作品中有21部为 AI翻译，后续将有助于推动公司文学作品 30.00 200 的规模化出海。4）TO C 应用：2023 年 8月开始测试“筑梦岛 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 7,011,785, a decrease of 8.0% compared to RMB 7,625,622 in 2022[3] - Gross profit for the same period was RMB 3,371,463, reflecting a decline of 16.3% from RMB 4,030,103 in the previous year[3] - Operating profit increased by 12.8% to RMB 709,309, up from RMB 628,834 in 2022[3] - Revenue decreased by 8.0% year-on-year to RMB 7,011.8 million for the year ended December 31, 2023[12] - Online business revenue decreased by 9.5% year-on-year to RMB 3,948.1 million, accounting for 56.3% of total revenue[13] - The average revenue per paying user decreased by 14.0% year-on-year to RMB 32.5[17] - Copyright operation revenue decreased by 5.9% year-on-year to RMB 2,973.8 million, primarily due to fewer TV dramas launched[16] - Non-IFRS net profit for the year was RMB 1,129.0 million, compared to RMB 1,347.7 million in the previous year[11] - The company reported a net profit of RMB 804,879 thousand for 2023, compared to a profit of RMB 608,186 thousand in 2022, indicating an increase of approximately 32.3%[51] - Basic earnings per share for the year were RMB 0.80, up from RMB 0.60 in 2022, representing a growth of 33.33%[46] User Engagement - The number of new authors on the online reading platform grew by approximately 380,000, with over 670,000 new novels added, totaling more than 39 billion new words[4] - The average monthly active users for self-owned platform products and Tencent's self-operated channels decreased by 15.7% year-on-year to 205.6 million[15] - The average monthly paying users increased by 10.1% year-on-year to 8.7 million, with self-owned platform products seeing over 20% growth[17] Cost and Expenses - Total revenue cost increased to RMB 3,640.3 million, representing 51.9% of total revenue, up from 47.2% in the previous year[18] - Sales and marketing expenses decreased by 14.1% to RMB 1,719.5 million, accounting for 24.5% of revenue, down from 26.3%[19] - General and administrative expenses decreased by 6.2% to RMB 1,161.0 million, representing 16.6% of revenue, slightly up from 16.2%[20] - Financial costs decreased significantly from RMB 53.9 million to RMB 12.9 million[11] Assets and Liabilities - The company's total assets increased from RMB 22,734.5 million as of December 31, 2022, to RMB 23,188.5 million as of December 31, 2023, indicating a growth of approximately 2.0%[32] - The total liabilities decreased from RMB 4,779.8 million in 2022 to RMB 4,164.0 million in 2023, resulting in a reduction of the debt-to-asset ratio from 21.0% to 18.0%[32] - The company maintained a cash net position of RMB 8,101.4 million as of December 31, 2023, an increase from RMB 7,091.4 million in 2022[34] Strategic Initiatives - The company plans to enter the premium short drama market with a "Short Drama Galaxy Incubation Plan," which includes a creation fund of RMB 100 million[10] - The company successfully removed 1.1 million piracy links, enhancing the subscription numbers for quality content[5] - The AI translation model was upgraded, resulting in 21 out of the top 100 best-selling works on WebNovel being AI-translated[10] Tax and Compliance - The total income tax expense for the year ended December 31, 2023, was RMB 97,850,000, a decrease of 41.3% from RMB 166,192,000 in 2022[89] - The effective corporate income tax rate for certain subsidiaries in China was reduced to 15% due to high-tech enterprise status, compared to the standard rate of 25%[88] Shareholder Information - The group did not declare or pay any dividends for the year ended December 31, 2023, consistent with the previous year[97] - The annual general meeting is scheduled for June 3, 2024, with a notice to be issued in due course[149] Miscellaneous - The company operates primarily in China, providing reading services, copyright commercialization, and content creation, with a focus on digital media[57] - The company adopted several new accounting standards starting January 1, 2023, including IFRS 17 on insurance contracts, which did not have a significant impact on the consolidated financial statements[62]

Investment Rating - The investment rating for the company is Neutral, with a target price adjusted to HKD 29.00, indicating a potential upside of 13.9% from the current price of HKD 25.45 [1][14]. Core Views - The report highlights a downward revision of the 2023 revenue and profit expectations for the company, projecting a total revenue of RMB 7 billion, a year-on-year decline of 8%, primarily due to adjustments in online business channels and delays in key IP projects. The adjusted net profit is expected to be RMB 1.1 billion, a 20% decrease year-on-year, with a profit margin of 15%, down by 3 percentage points [1][2]. - Despite the challenges, the company maintains a rich reserve of IP projects for 2024, with anticipated strong performance from key adaptations and a robust pipeline of popular IP adaptations [2][3]. Financial Summary - The company’s projected financials for 2023 include: - Revenue: RMB 7,004 million, down 8.2% year-on-year - Adjusted net profit: RMB 1,083 million, down 20.1% year-on-year - Earnings per share (EPS): RMB 1.06, with a projected decline of 28% [3][12]. - For 2024, the company expects a revenue increase to RMB 7,579 million, with a net profit forecast of RMB 1.387 billion, reflecting a recovery in profitability [3][12]. Business Operations - The online business segment is projected to generate RMB 3.98 billion in 2023, a decline of 9% year-on-year, while the IP operation revenue is expected to decrease by 8% due to project delays [2][3]. - The company is exploring short drama formats, which may provide additional revenue opportunities, as evidenced by the success of the fantasy short drama "万道龙皇" [2][3]. Valuation - The report suggests a valuation based on a 20x price-to-earnings ratio for 2024, leading to a target price adjustment from HKD 36 to HKD 29. The current price corresponds to a 1.2x PEG ratio for 2024, compared to the industry average of 1.0x [2][3].